Thinking about the death of a parent can be devastating. The grief can often be unthinkable. Unfortunately, during this time, there are also many financial issues that must be solved – which will typically fall to adult children. These may include the payment of final expenses, the payoff of unpaid debt such as uninsured medical costs, and other costs of the estate.
Having life insurance can help with the payment of these obligations. But, if a parent has certain medical issues such as diabetes, obtaining the coverage that is needed has in the past been somewhat difficult.
The good news is that, due in large part to longer life expectancy and to insurance companies changing some of their offerings, those who have issues such as diabetes have many more options regarding the coverage that they need. This means that if you or your parent have tried to obtain diabetic life insurance before, it could be worth another try.
Types of Life Insurance to Purchase
There are several types of life insurance that could be a good fit when covering a diabetic parent. In some cases, traditionally underwritten coverage could be a good option. Here, you could choose between term or permanent.
With traditional term life insurance coverage, you will have death benefit protection only. The coverage would last for a set period of time, such as 10 or 20 years, and then it would expire. Typically, term insurance is considered best for “temporary” needs.
Permanent coverage will provide both death benefit protection for a diabetic parent, as well as a cash value or savings component. There is no expiration on the coverage, and the gain in the cash value funds is allowed to grow tax-deferred. This can provide additional benefits such as funds for paying off debts or for supplementing retirement income.
Another type of life insurance coverage that could be a good fit for a diabetic parent is burial insurance. This type of life insurance protection is typically purchased by those who are between the ages of 50 and 80 – although there are some carriers that will provide coverage to those who are older.
Burial insurance – also often referred to as funeral insurance or final expense insurance – is purchased primarily for the purpose of paying off one’s “final expenses.” These typically include the cost of a memorial service, burial plot, headstone, casket, and other expenses that are related to one’s final needs. Today, when all of these costs are added together, they can easily exceed $10,000 in many cases.
When purchasing burial insurance, individuals will often include the cost of their final needs, as well as other potential expenses such as uninsured medical costs, the possible expense of hospice care, and any other potential debts that adult children may be responsible for at the time of the parent’s passing.
Will Your Diabetic Parent Qualify for Life Insurance?
In order to qualify for traditional life insurance coverage, it is typically required that an individual complete an application for coverage. Here, it will be important to answer all of the questions as fully and as truthfully as possible. That way, the life insurance underwriters will be able to obtain the most thorough information possible about your diabetic parent’s overall health condition.
Because of their diabetes, it is likely that the underwriters will want to know more in-depth details about them. Therefore, it is probable that some or all of the following questions may be asked:
- When were you initially diagnosed with your diabetes?
- What type of diabetes do you have, type 1 or type 2?
- Do you require any medication for your diabetic condition?
- If so, what type of medication do you take, and what is the dosage?
- What is your most recent blood sugar level?
- What is your most recent A1C level?
In addition, it is likely that it will also be required for your diabetic parent to undergo a medical examination. During this exam, a paramedical professional will take a blood pressure and a heart rate reading. They will also obtain a blood and a urine sample, which will be tested for additional risk factors by the life insurance company.
Once all of the information about your parent has been received by the insurance company, a determination can then be made regarding their insurance coverage, as well as regarding an appropriate premium price.
What If They Don’t Qualify for Traditional Life Insurance Coverage?
While there are many companies that may offer life insurance coverage to older diabetic individuals, there is still the chance that a parent may not qualify for traditionally underwritten life insurance coverage. If a parent is turned down for coverage in the medical underwriting process, they may still be able to qualify for alternate forms of coverage.
For example, they could go the route of no medical exam life insurance. With this type of coverage, there is no medical exam that is required as a part of the underwriting process. Therefore, many individuals who have adverse health conditions such as diabetes may still be able to qualify. You could even qualify for life insurance with high cholesterol.
Some types of no medical exam life insurance will still require that an application for coverage be completed. In other instances, however, just a few questions will need to be answered, such as:
- Do you smoke?
- Do you reside in a skilled nursing facility?
- Do you have AIDS / HIV?
It is important to note that the premium that is charged for no medical exam life insurance is oftentimes two to three times higher than that of medically underwritten life insurance. This is because those who apply for no exam insurance are usually considered to be riskier in the eyes of the insurance company.
However, for many individuals – especially those who may have diabetes or other health issues, and/or who may be too old to qualify for traditional life insurance coverage – this type of life insurance can provide the only alternative for obtaining the life insurance protection that is needed.
Where to Find Quotes on Life Insurance for a Diabetic Parent
If you’re ready to proceed with finding life insurance for a diabetic parent, we can help. We work with many top insurers in the marketplace. So, when you are ready to move forward, fill out the form on the side of this page and you will receive your first set of life insurance quotes.
If you still have questions about insuring a diabetic parent – or even if you just have a questions about life insurance in general – feel free to give us a call. We can be reached toll-free by dialing 888-229-7522.
We know that buying life insurance for someone with an adverse health issue may seem a bit overwhelming. But, the good news is that you have many options that are open to you. So, contact us today. We’re here to help.